Zoetic International PLC Adoption of new share option scheme (1038P)
October 08 2019 - 1:00AM
UK Regulatory
TIDMZOE
RNS Number : 1038P
Zoetic International PLC
08 October 2019
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
8 October 2019
Zoetic International plc
("Zoetic International" or the "Company")
Adoption of new share option scheme
Director/PDMR shareholding
Zoetic International, the London listed vertically integrated
CBD and natural resources company, announces that it has adopted a
share option scheme, which includes an EMI scheme, under which all
of the Company's employees will be eligible for awards. In line
with the provisions announced at the Company's AGM on 19 August,
the share option scheme sets challenging performance targets, but
is designed to align the interests of the Company's employees with
its shareholders.
The Company announces that it has today granted 7,155,000 share
options ("Options") to certain of its Directors and employees
pursuant to the share option scheme (which in aggregate represent
4.8 per cent of the Company's issued share capital). Each Option
will provide the holder the right to one new ordinary share on its
exercise. As announced at the Company's AGM, the Options have an
exercise price of 10 pence per share, being the most recent price
at which the Company issued new equity prior to the AGM, and shall
vest over three years from the date of grant subject to continued
employment and these performance conditions:
(i) 50 per cent of the Options will vest at any time after the
second anniversary of grant if the 30 day volume-weighted price of
the Company's ordinary shares ("VWAP") is 14 pence or more per
share;
(ii) a further 50 per cent of the Options will vest at any time
after the second anniversary of grant if the 30 day VWAP is 18
pence or more per share, this part of the award will vest in full;
and
(iii) if condition (ii) is not satisfied but, by the third
anniversary of grant, the VWAP is between 14 pence and 18 pence per
share, the remaining Options will vest on a pro-rated straight-line
basis (or will otherwise lapse).
Once vested, the Options expire on the tenth anniversary of the
date of grant if not exercised.
The share option scheme will comprise an important aspect of
Zoetic International's remuneration philosophy and allows all
employees to share in the Company's success when the business
strategy is executed successfully. The Company believes that these
awards will give its employees the opportunity to build up a
meaningful shareholding in Zoetic International which further
aligns their interest with shareholders and will help maintain the
culture within Zoetic International which encourages strong and
sustained corporate performance that drives absolute returns to
shareholders over the longer-term.
Pursuant to the share option scheme, Nick Tulloch, Zoetic
International's Chief Executive Officer, has been granted options
over 2,000,000 ordinary shares and Paul Mendell, Chairman, has been
granted options over 1,000,000 ordinary shares.
The intention of the Company is that the aggregate number of
options that may be issued or reserved for issuance pursuant to the
share option scheme (or any other share schemes that the Company
may in the future operate) may not exceed 10 per cent of the
Company's issued share capital. In recognition of this, certain
long-standing members of staff have surrendered an aggregate of
450,000 awards of options made to them previously as a condition of
participating in this share option scheme.
The Company may in future award additional options to new
joiners or to award exceptional performance but will keep within
the above limit on the aggregate number of options.
Nick Tulloch, Chief Executive of Zoetic International, said:
"The Board recognises the importance of retaining our key employees
and also aligning their interests with those of our shareholders.
The establishment of the share option scheme will be an important
part of the Company's remuneration strategy going forward. Every
member of our team provides a valuable contribution and our policy
is therefore that all of our employees will be eligible to receive
share options. We are determined to deliver value for our
shareholders and the ambitious targets we have set within the
scheme reflect the confidence that we have in our business
plan."
**S**
Enquiries
Zoetic International plc +44 (0) 1738 472 029
Nick Tulloch
IFC Advisory Ltd +44 (0) 20 3934 6630
Tim Metcalfe
Graham Herring
Florence Chandler
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Nick Tulloch
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Zoetic International plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800RGK8LNU9RGMT89
-------------------------------------------------------- -------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Ordinary shares of 1p per share par value
instrument
Identification code
GB00BWC4X262
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of Options under the Zoetic International plc
EMI share option plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
10p 2,000,000
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume 2,000,000 ordinary shares of 1p per share par value
- Price
Exercisable at 10 pence per share
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 8 October 2019
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Paul Mendell
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chairman
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Zoetic International plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800RGK8LNU9RGMT89
-------------------------------------------------------- -------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Ordinary shares of 1p per share par value
instrument
Identification code
GB00BWC4X262
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of Options under the Zoetic International plc
EMI share option plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
10p 1,000,000
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information 1,000,000 ordinary shares of 1p per share par value
- Aggregated volume
- Price Exercisable at 10 pence per share
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 8 October 2019
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
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END
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